UAE Reports Record VAT and Excise Tax Revenues, Surpassing $47 Billion

UAE, 15 May, 2024 :  Younis Haji Al Khouri, Undersecretary of the Ministry of Finance (MoF), revealed that the combined revenues from Value-Added Tax (VAT) and Excise Tax across federal and local levels have soared to AED 173.6 billion by the end of the fiscal year 2023.

VAT revenues at the state level stood at AED 159.57 billion, while the federal government collected approximately AED 47.87 billion during the same period. Excise Tax collections at the state level amounted to AED 14.07 billion, with the federal government contributing around AED 5.2 billion during the reference period.

Al Khouri outlined the fiscal projections, indicating that the federal general budget for fiscal year 2024 is estimated at AED 64 billion, with anticipated revenues of AED 65.7 billion, signaling a surplus of about AED 1.7 billion.

Looking ahead, the federal budget cycle for the years 2024-2026 is forecasted to be approximately AED 192 billion.

Source : www.zawya.com